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2013 (9) TMI 807 - DELHI HIGH COURTAddition under Section 69B on the sale of land property – Held that:- DVO, for the purpose of valuation, had taken the market price of land in Okhla Industrial Area, New Delhi in 1994 and had referred to 1994 DDA rate of land fixed for Lawrence Road Industrial Area. He came to the conclusion that the difference in land rate in Okhla and Lawrence Road Industrial Area in 1994 was 38.75%, i.e., land at Okhla was more expensive by 38.75%. Thereafter, the DVO referred to one sale deed in Okhla Industrial Area in the year 2001 for a plot measuring 1648 square metres. This property was sold for Rs.3,70,00,000/-. After making some reductions for cost of building etc., he computed the value of the property at Lawrence Road Industrial Area by giving benefit of 38.75% in the year 2001. Since the valuation report of the valuer Sh. K.B.Sharma dated 22nd September, 1999 has not been placed on record, the order passed by the tribunal rejecting the valuation report of the DVO can be questioned and challenged as perverse – Decided against the Revenue.
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